Bitcoin Trading Over $61k As SEC's ETF Deadline Approaches.

Bitcoin Trading Over $61k As SEC's ETF Deadline Approaches.

2021-10-16 | Mike Hallen

Bitcoin Trading Over $61k As SEC's ETF Deadline Approaches.

The price of the leading cryptocurrency, Bitcoin (BTC), is approaching an all-time high as traders wait for the US regulator to accept one of the several applications it has received. Bitcoin climbed above $62,000 USD today on Saturday as traders awaited the U.S. Securities and Exchange Commission's approval of a bitcoin exchange-traded fund (ETF). The anticipation of such a clearance contributed to an almost 6% increase in BTC's price in the last 24 hours. The Securities and Exchange Commission (SEC) is examining roughly 40 bitcoin ETF product applications and will make a judgment on futures-linked ETFs next week, with several decision dates. Bloomberg reports that the regulator is poised to approve at least some of them, paving the way for a much-anticipated increase in trading volumes. An exchange-traded fund (ETF) is a type of security that tracks an index, sector, or other asset and may be purchased and sold on a stock exchange much like a regular stock. The Securities and Exchange Commission (SEC) is anticipated to approve a bitcoin futures ETF based on CME exchange futures. There are still risks, even if the investor does not actually own bitcoin. Within an earlier report on Wednesday, crypto investing firm StackFunds stated, "Markets remain robust, and we expect the rotation to continue as speculation over a bitcoin ETF grows." "Traders previously stated that for bitcoin to enter a very bullish period and go parabolic, it would need to breach the $59K-$60K barrier," Will Morris, a trader at GlobalBlock in the United Kingdom, added. Bitcoin Trading Over $61k As SEC's ETF Deadline Approaches.

Bitcoin Price Chart - Source: CoinMarketCap

Immediate indicators of upward price fatigue, according to Katie Stockton, managing partner of Fairlead Strategies, a technical analysis business, are still visible on the charts. The SEC does not need to take any official action to accept the submissions. According to Danny Nelson, applications can become effective if the SEC lets a deadline pass without requiring changes or ordering the potential issuer to withdraw the petition. "When an outcomes ETF is authorized, it would finally open the door to retirement plans with trillions of dollars in assets, creating very favorable conditions for spot BTC to continue soaring," Coinbase wrote to institutional clients on Friday.

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